Thank you, Mr. Chair.
Thank you, Mr. Routledge, for being here.
On May 22, OFSI's annual risk outlook for the fiscal year said:
Of the mortgages outstanding as of February 2024, 76% will be coming up for renewal by the end of 2026. Canadian homeowners who will renew their mortgages during this time period could potentially face a payment shock.
Mr. Routledge, can you quantify the impact you expect this potential payment shock to have on the rates of residential mortgage loans falling either into arrears or into default by the end of 2026? In other words, are we facing a mortgage renewal cliff?